Borr Drilling Posts Q2 2025 Financial Turnaround with 24% Revenue Growth

Borr Drilling reported Q2 2025 earnings with total operating revenues of $267.7mln, a 24% increase from the previous quarter. Net income reached $35.1mln, and adjusted EBITDA rose 39% to $133.2mln. The company secured 14 new contract commitments and enhanced liquidity through a $102.5mln equity offering and improved credit facilities. Borr Drilling anticipates maintaining performance levels into Q3, supported by a robust contract backlog and favorable market conditions.

Borr Drilling Limited (NYSE: BORR) reported its second quarter 2025 earnings on July 13, 2025, showcasing robust financial performance and strategic enhancements. The company reported total operating revenues of $267.7 million, a 24% increase from the previous quarter. Net income reached $35.1 million, and adjusted EBITDA rose 39% to $133.2 million. The company secured 14 new contract commitments, adding $318 million to its backlog, and enhanced liquidity through a $102.5 million equity offering and improved credit facilities.

The company's liquidity position was significantly bolstered, with total available liquidity increasing to approximately $425 million. This liquidity boost provides Borr Drilling with the flexibility to pursue strategic growth, manage debt, and capitalize on industry consolidation opportunities as market conditions evolve. The company's CEO, Patrick Schorn, stated, "Last month, we took a decisive step to strengthen Borr Drilling Limited's longer-term financial position through a comprehensive financing package. This initiative, which included a $102.5 million equity raise and amendments to the size and covenants of our revolving credit facilities effectively increased our liquidity by $200 million and strengthens our balance sheet."

In addition to financial enhancements, Borr Drilling maintained high utilization rates, with modern jackup rig utilization remaining above 90% globally. The company achieved 84% contract coverage for 2025 at an average day rate of $145,000 and 47% for 2026, including price options. This high utilization is driven by incremental demand from the Middle East and West Africa, which is helping absorb excess capacity from Saudi suspensions.

Looking ahead, Borr Drilling anticipates maintaining performance levels into Q3, supported by a robust contract backlog and favorable market conditions. The company reaffirmed its full-year 2025 adjusted EBITDA guidance at approximately $470 million (non-GAAP). The CEO transition to Bruno Morand and the addition of new board members are intended to accelerate strategic execution and support future growth and industry consolidation.

References:
[1] https://www.nasdaq.com/articles/borr-drilling-grows-liquidity-q2-2025
[2] https://seekingalpha.com/news/4485606-borr-drilling-signals-470m-adjusted-ebitda-target-and-strengthened-liquidity-as-ceo